RESPA Had Three Specific Objectives

question 14

Multiple Choice

RESPA had three specific objectives.Which of the following was NOT one of those objectives?

• A) More effective advance disclosure of settlement costs.
• B) More informative of the cost of credit.
• C) Elimination of kickbacks and unearned fees.
• D) A reduction in the amount of escrow placed in accounts for homeowners.

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Definitions:

Specialty

Signifies a particular area of expertise or a focus on a specific type of product or service that a business offers, distinguishing it from competitors.

Brand Loyalty

The tendency of consumers to continuously purchase one brand's products over another, often due to positive experiences and perceived value.

Shopping Product

Goods that consumers purchase and select after comparing quality, price, and style from several sellers, spending considerable effort in making decisions.

Specific Brands

Brands that are identified and differentiated by unique characteristics, appealing to particular segments of consumers.